While cryptocurrencies were shrouded in mystery and suspicion when Satoshi introduced Bitcoin, they are now becoming the solution almost to everything. Because of the high risk that comes from fiat currencies, the blockchain technology is being seen as the next best alternative. With the blockchain technology freely available, more cryptocurrencies are getting generated at a very fast rate. Here is a complete review of DigiByte Cryptocurrency.
What is DigiByte?
This is a 3-year-old blockchain created to address challenges in most aspects of technology especially gaming, financial applications, cybersecurity, commerce, document validation, and internet objects. It is an open source Cryptocurrency that runs on the DigiByte blockchain that was established in 2013 by Jared Tate. However, it was not until January of 2014 that the Cryptocurrency was released into the market.
DigiByte is based on Bitcoin though it has crucial adjustments in various codes that allow improved functionalities, especially on security and speed. By June of 2017, DigiByte had a total market cap of more than US $ 230 million. When compared to other blockchains in the globe, DigiByte is the longest.
How does DigiByte work
The first step in using DigiByte is downloading an appropriate wallet and installing it on your computer. This will be the main point of access that will allow you to interact with the system to trade or mine coins. The DigiByte’s ease of use has made it extra popular especially among the gamers.
As a proof-of-Work based Cryptocurrency, DigiByte relies on multiple algorithms models to enable users mine coins. In particular, it uses 5 different algorithms to give every person a chance to mine more than coins. Note that ample storage is required when one decides to start the mining process.
First, you need to identify an appropriate miner such as the sgminer, select the DigiByte tool, and then create a mining account. Note that mining in a pool makes it easy to complete the setup and finally pick an address. By this stage, you should be ready to start the process by interacting with others in the pool to pick puzzles and solving them appropriately.
When DigiByte started, new blocks could be created within 60 seconds, and about 140 transactions could be handled every second. To enhance the system’s efficiency, DigiByte doubles the transactions handled within the same time frame every two years. By 2017, the blockchain capability reached 560 transactions every second. By 2035, it is expected that the blockchain will be able to handle 280,000 transactions every second.
The main features of DigiByte
Though DigiByte operates in many aspects like Bitcoin, its features are greatly enhanced to provide additional utility and value.
This is one of the hard fork used in the DigiByte platform to help in protecting against multipools that target mining very large numbers. It helps to prevent wholesale mining by recalculating the DigiByte blockchain difficulty between various blocks and correcting in real-time to stop such nodes from contributing to the platform. Note that this is an improvement of what Bitcoin uses. In the case of Bitcoin, the correction time is 24 hours. Because of the DigiShield’s high efficiency, it has been added to other cryptocurrencies such as Zcash, Dogecoin, and Startcoin.
This feature was activated late in 2014 from Myriadcoin source code. It was handpicked by the DigiByte team to allow multi-algorithmic mining. MultiAlgo works by enabling the blockchain developer to design multiple PoW (proof of work) mining models to accommodate various mining capabilities such as CPU mining, GPU mining, and ASIC mining. DigiByte considers this as a perfect strategy for attracting more people and enabling them to be part of the diverse mining pools. The ultimate implication is that even groups that found it hard to mine the coins using the original algorithm can still do it as opposed to getting left out.
This feature was activated in 2044 and runs through the MultiAlgo framework to achieve the same goal; providing multiple mining pools.
This is a type of Smart Contract applied in DigiByte platform. It is embedded as a secure SHA256 hash of a specific document and thereby allowing all those who are on the network to access, store and validate in a decentralized manner. Note that all the users in the network can only see and validate the transactions but cannot see your address.
Pros of using DigiByte
- DigiByte is one of the fastest blockchains in the globe. When it was founded, new blockchains were processed within 30 seconds. Now, this time has been reduced to about 30 seconds using DigiSpeed.
- DigiByte has demonstrated the capacity to solve most issues that face different industries today. Because of its flexibility and capability to be applied in various niches, DigiByte has demonstrated potential has continued to grow over time.
- The blockchain platform makes it easy for more people to join and start mining coins. Depending on your preference, you could go for wallets such as Coinomi wallet, Jaxx wallet, DigiByte core windows, and Gaming wallet.
- When compared to other Blockchain technologies, DogiByte is the simplest to use whether for general payments or mining coins.
- By applying advanced DigiShield and MultiAlgo technologies, DigiByte has made it possible to maintain all transactions anonymous and very fast. This component has been the main driving force behind the emerging interest, especially by large businesses.
Cons of using DigiByte
- While the technology used to run the Cryptocurrency is impressive, it is very young. This means that most of the features are still being developed and it might take more time to proof stability.
- Though the ease of mining is considered a major advantage in the network, it has also been cited as a major con. The process could result in too many users having very many coins.
Where to Buy and Sell DigiByte in Australia?
Crypto Currency for Fun recommends buying DigiByte at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including DigiByte and they offer Instant Delivery or your coins right into your account.
This is one of the most promising cryptocurrencies that is strategically positioning its operations on the future demands. Despite being new in the crypto-world, it is expected to pose huge competition to other top sellers such as Bitcoin and Ethereum.